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Old 03-06-2009, 07:13 AM
 
132 posts, read 311,875 times
Reputation: 63

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Quote:
Originally Posted by familymom View Post
Wow, I better get back into this before you guys rip me apart some more. I originally posted the question and now reading it, it does sound terrible. The area I want to move to is in an adjacent state and yes I have been reading up on it and taking trips out to scope out the towns and schools. We would be selling our home and buying a home for less. We would only need to take out a mortgage for maybe 10=20% of the price of the home. I know, why don't buy a less expensive home? Well we might, we would try to work it out that way. We hoped to cash out on this home and owe nothing on the next but you never know what you may get in this real estate market on your home. I thing we will wait till the market looks better, its just hard to put your dreams on hold because of the economy.

Did you guys not see me response to my original post, boy everyone is so tough these days.

Decashly, nice to hear about your great idea of living the new and improved American Dream. How did you manage to live debt free? Did you relocate from a high to low cost of living area? Or just one of the lucky ones that bought before the boom.

Don't buy....rent...

Don't waste your hard earned money....it's too risky right now.
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Old 03-06-2009, 08:43 AM
 
Location: Salem, OR
13,741 posts, read 31,562,927 times
Reputation: 12105
Try and find a lease-option house. You would rent the house you want until yours sells in your state and hubby gets a job. Then when that is all done, you purchase the house you are living in. If for some reason things don't work out, then you are just renters like you would be anyway. I think that is the safest thing for you to do.

You do need to know that underwriter's don't like gaps in employment. So while you may have the money to live for a few months with no income, the underwriter won't like that. So...your hubby needs to keep the gap as small as possible to make the underwriter's happy.

Since you would be having such a small mortgage it should not be a huge deal, but find a house you like and ask the owner to do a lease-option. That way you don't have to move the kids again.
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Old 03-06-2009, 02:08 PM
 
Location: Illinois
718 posts, read 1,750,042 times
Reputation: 970
What owner-seller in their right mind would carry a mortgage (act as a bank) for someone with no source of income? I can't imagine a landlord sitting still for the tenant having no job going in. Unless the law or an ex is after you, I would stay put.
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Old 03-06-2009, 09:27 PM
 
Location: Lake Conroe, Tx
637 posts, read 2,869,087 times
Reputation: 410
Quote:
Originally Posted by LynnKK View Post
What owner-seller in their right mind would carry a mortgage (act as a bank) for someone with no source of income? I can't imagine a landlord sitting still for the tenant having no job going in. Unless the law or an ex is after you, I would stay put.


LOL, lots of them... Actually this is really the only answer to the original posters question. Since the days of "no doc" and "stated income" loans are long gone this is the only way that they're going to be able to purchase. I have changed my strategy and done a number of these types of transactions and the homeowners love them because they have great profits and no liabilities. The new owners pay the taxes, insurance, HOA fees etc, and there's no management fees associated like with rental properties.

You ask about the risk? There's no risk when you get the prospect to the table with a decent amount of skin in the game. There's no way that someones going to write a check for 40K to 100K and just walk away, and if they do I coud care less, actually plays to my favor... As an owner I could care less what the prospects credit or employment's like; actually I never check, don't care. The only qualifying I care about is if they can come up with a down payment as I now have a very nice equity position should I have to foreclose... If they dont make the payments I foreclose and re-sell to someone else, as previously mentioned I already have 40K to 100K of their money; even if they tear the place up I'm still money ahead. Of course this won't work very well in states like CA or NY, but in TX we are a non judicial state so it's very easy to foreclose and get someone out if they don't make their note payments.
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Old 03-06-2009, 09:58 PM
 
Location: San Antonio
4,149 posts, read 9,113,117 times
Reputation: 3307
Quote:
Originally Posted by familymom View Post
Even if you are putting down more than 50%?
If you're putting 50% down, find someone that'll owner finance.

If you're putting that much down, move to my town, I'll buy a house and sell the thing to you!
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Old 03-07-2009, 07:59 AM
 
Location: Lake Conroe, Tx
637 posts, read 2,869,087 times
Reputation: 410
Quote:
Originally Posted by kevcrawford View Post
If you're putting 50% down, find someone that'll owner finance.
Quote:
Originally Posted by kevcrawford View Post

If you're putting that much down, move to my town, I'll buy a house and sell the thing to you!



Exactly; and if you don't like it there move to my area and I'll do the same...
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Old 03-07-2009, 08:10 AM
 
9,807 posts, read 12,903,124 times
Reputation: 8127
Why not buy a house without a job, then if you have your house foreclosed you can blast that banker and state it's his fault for giving out loans to people with out a job.

It sure worked in the past !
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Old 03-07-2009, 03:14 PM
 
237 posts, read 904,480 times
Reputation: 158
I understand your desire to not uproot the kids. I'm in the same boat as far as moving to another state. What I've considered after scoping out the new area is renting in the school district that you want your children to be in. That way, when a house comes up within that zone, you'll be moving, but the kids won't be changing schools. This way, if you find you actually don't like this new area, you can still find somewhere else to live without the hassle of selling a home.

Another thing... Is this >50% down payment money that you have in an account or is this equity in your current home? If it's mainly equity you're counting on, you'll need to sell your current home first to get the money to put a down payment on your next home. In this case, you don't actually have a big down payment if the money is tied up in a home that you are trying to sell. If you rent while your current home sells, then you know exactly how much cash you have and the cash is in your hands. You may even find that the housing market has dropped even more and you can possibly make a cash offer. It's much safer to have sold the old home already, before trying to get into another home. Given some time, you may have a better feel of what kind of job your husband finds and how much money he'll actually be making. Good Luck.
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Old 11-27-2015, 10:27 AM
 
1 posts, read 503 times
Reputation: 10
I am working partime and my home is paid off. I was wondering if i can get a mortgage or a student loan to go to a six week trucking school full time out of town to get a better career
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Old 11-27-2015, 11:24 AM
 
10,265 posts, read 6,495,798 times
Reputation: 10842
Quote:
Originally Posted by sarge1967 View Post
I am working partime and my home is paid off. I was wondering if i can get a mortgage or a student loan to go to a six week trucking school full time out of town to get a better career
Call the school and find if they offer student loans.

http://www.truckingtruth.com/truckin...driving-school
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